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The Worldwide Iris Recognition Industry is Expected to Reach $8.9 Billion by 2028

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Dublin, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The "Global Iris Recognition Market Size, Share & Industry Trends Analysis Report By Application, By Product (Scanners, Smartphones, Personal Computers/Laptops, Tablets & Notebooks), By Component, By Vertical, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.

The Global Iris Recognition Market size is expected to reach $8.9 billion by 2028, rising at a market growth of 15.6% CAGR during the forecast period.

Iris recognition is a precise and effective technology for protecting information, people, and other sensitive things. Due to its usage in consumer electronics devices like PCs and laptops, iris recognition is becoming more popular. The use of iris recognition technology in laptops has raised general awareness of its convenience and dependability.

Although it is 10 times more expensive than fingerprint scanner technology, iris recognition is 10 times more secure. As a result, the iris recognition market has begun to migrate to reduce costs, and it is anticipated that it will soon be a technology for identity management. The distinctive patterns in people's irises - the colourful circles in their eyes - are measured via iris scanning.

To detect distinctive patterns undetectable to the human eye, biometric iris recognition scanners illuminate the iris with invisible infrared light. Eyelids, Eyelashes, and specular reflections that generally cover some of the iris are detected and excluded by iris scanners. The result is a collection of pixels that only include the iris.

The bit pattern encodes the data in the iris is then extracted by analysing the pattern of the lines and colours in the eye. This bit pattern is digitalized and checked against templates that are kept in a database for identification or verification (one-to-one template matching) (one-to-many template matching).

Iris scanners gather over 240 biometric characteristics, which are distinctive to each eye. The data is subsequently converted into a digital format by the scanners. This digital database contains the numeric representation of the data that was taken from the iris image.

COVID-19 Impact Analysis

Iris and periocular recognition could become more widely used due to biometrics research sparked by COVID-19. The adoption of COVID-19 has fostered a move from touch-based to contactless technology, which has resulted in a considerable loss for fingerprint recognition methods.

The new standard of touchless recognition systems has been established since contact-based technology presents a significant risk to sanitary safety. With this change in mind, iris recognition is thought to be the greatest option by far. Therefore, the COVID-19 has a favourable effect on the market for iris recognition.

Market Growth Factors

Governmental agencies are using iris recognition technology more often for identification and authentication.

One of the first industries to use iris recognition technology, the government sector creates significant demand for its goods and services. This is one of the main drivers of the iris recognition market's expansion. Iris recognition technology is used by government departments, agencies, and organisations worldwide for identification and authentication.

For instance, the Next Generation Identification (NGI) systems, and the National Crime Information Center (NCIC) were developed by the Federal Bureau of Investigation (FBI) in collaboration with local, state, tribal, and federal authorities. As a trustworthy method of identification, these systems use iris recognition.

Adoption Of Biometric Technologies In The Defence And Automobile Industries

Touchless biometric products are anticipated to have strong demand in the automotive industry in the upcoming years. User/driver authentication, in-cabin personalisation, in-car payment, and intra-vehicle network encryption are just a few of the uses for scanning the vein, face, iris, or finger.

Numerous automotive behemoths, including Ford Motor Company (US), Audi AG, and BMW AG, are developing touchless biometric systems for automobile use. In addition, the car industry is embracing iris-based biometric systems because of their high accuracy, non-contact characteristics, and ability to operate in low light.

Market Restraining Factors

Competition With Other Biometric Technologies

There are numerous biometric technologies on the market, including voice recognition, vascular recognition, face recognition, fingerprint recognition, and iris recognition. The market acceptability of various technologies varies depending on their benefits and drawbacks. Face and fingerprint recognition technologies are fierce competitors for iris recognition technology. Its high price is one of the main causes of this. Iris scanners cost more than face and fingerprint detection systems, which are their alternatives.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Market Share Analysis, 2021

Chapter 4. Global Iris Recognition Market by Application
4.1 Global Identity Management & Access Control Market by Region
4.2 Global Time Monitoring Market by Region
4.3 Global E-Payment Market by Region

Chapter 5. Global Iris Recognition Market by Product
5.1 Global Scanners Market by Region
5.2 Global Smartphones Market by Region
5.3 Global Personal Computers/Laptops Market by Region
5.4 Global Tablets & Notebooks Market by Region
5.5 Global Others Market by Region

Chapter 6. Global Iris Recognition Market by Component
6.1 Global Software Market by Region
6.2 Global Hardware Market by Region

Chapter 7. Global Iris Recognition Market by Vertical
7.1 Global Banking & Finance Market by Region
7.2 Global Consumer Electronics Market by Region
7.3 Global Military & Defense Market by Region
7.4 Global Automotive Market by Region
7.5 Global Government Market by Region
7.6 Global Travel & Immigration Market by Region
7.7 Global Healthcare Market by Region
7.8 Global Others Market by Region

Chapter 8. Global Iris Recognition Market by Region

Chapter 9. Company Profiles
9.1 Thales Group S.A.
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research and Development Expense
9.2 NEC Corporation
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.3 Aware, Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Regional Analysis
9.3.4 Research & Development Expense
9.4 Unisys Corporation
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expenses
9.4.5 Recent Strategies and Developments
9.4.5.1 Product Launches and Product Expansions
9.5 IDEMIA SAS (Advent International, Inc.)
9.5.1 Company Overview
9.6 M2SYS Technology, Inc.
9.6.1 Company Overview
9.7 IrisGuard UK Limited
9.7.1 Company Overview
9.8 Iris ID, Inc.
9.8.1 Company Overview
9.8.2 Recent Strategies and Developments
9.8.2.1 Partnerships, Collaborations, and Agreements
9.9 Princeton Identity, Inc.
9.9.1 Company Overview

For more information about this report visit https://www.researchandmarkets.com/r/tzj1qn

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